From reports coming in from Asia traders the Aussie was the standout performer in overnight trade. Rate opened at $1.0547, having seen post FOMC react highs of $1.0569 before it pulled back to $1.0536 ahead of the close. Rate squeezed down to $1.0531 lows in early local trade as market reacted to an announcement that Fortescue Metals shares had been suspended. However, rate bounced back as the company announced progress in its talks with lenders to restructure bank loans. Strong short covering saw rate trade to $10579 before meeting offers placed into $1.0580. A brief pullback to $1.0565 saw fresh demand emerge into the dip to take it on to $1.0588 ahead of the European open. Rate retains an underlying buoyant tone into Europe, trades around $1.0573 at writing. Offers seen into $1.0600, more between $1.0615/25. Support $1.0550/40.
EasyForexNews Research Team